# Bootstrap Standard Errors (Z → gross_assets_gdp)

*Block bootstrap by country, 500 replications*

| Variable | Point Estimate | Analytical SE | Bootstrap SE | 95% CI (lo) | 95% CI (hi) |
|---|---|---|---|---|---|
| Z_1 | -1396.6686 | 591.5035 | 1243.9936 | -4604.9825 | 282.3012 |
| Z_2 | 236.1027 | 88.3718 | 204.5200 | -6.8422 | 795.1199 |
| Z_3 | -10.0611 | 3.6423 | 8.9564 | -35.2817 | -0.2591 |
| rgdp_growth | -0.7345 | 0.2728 | 0.2458 | -1.2632 | -0.2983 |
| fiscal_bal_gdp | -0.4599 | 0.5166 | 0.4740 | -0.9310 | 0.8943 |
| kaopen | 3.7457 | 6.2477 | 14.2838 | -20.2572 | 46.1448 |

*Bootstrap/Analytical SE ratio for Z_1: 2.10*